All Law & regulation articles – Page 48
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NewsPRA warns banks against ‘gaming’ pension transactions
On the go: The Bank of England’s Prudential Regulation Authority has ordered banks against “gaming” deals linked to their defined benefit schemes to offset regulatory requirements.
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NewsLGPS employers at legal risk over sharia non-compliance
Employers participating in Local Government Pension Scheme funds could face legal action from members over their schemes’ non-compliance with sharia principles and a failure to offer staff a compliant alternative, according to one legal expert.
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NewsPLSA calls for 12-month dashboards grace period from regulators
On the go: The Pensions and Lifetime Savings Association has appealed for “a degree of latitude” from regulators in the months after the pensions dashboards are introduced.
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NewsLGPS funds race to complete McCloud data remedy
Some employers are struggling to provide their Local Government Pension Scheme funds with the necessary information to complete the McCloud data remedy exercises.
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NewsRegulators warn P&O staff over DB pension transfers
On the go: Regulators have warned current and former employees of P&O Ferries “not to make any quick decisions” with their defined benefit pension following mass redundancies.
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NewsUSS and University of Southampton make AVC blunder
On the go: The Pensions Ombudsman has partially upheld a complaint against the University of Southampton and the Universities Superannuation Scheme trustee after a communication lapse saw a member continue to make annual voluntary contributions after her policy had ended.
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NewsPension net pay top-ups to begin by 2026-27
On the go: The first top-ups for individuals making pension contributions to net pay schemes will be provided by the government by the 2026-27 tax year, the Treasury has confirmed.
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NewsDashboards timeline and guidance barriers concern industry bodies
Two of the pensions industry’s largest organisations have caveated their broad support for the pensions dashboards project with concerns about timing, consistency and red tape surrounding financial advice.
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NewsMcCloud remedy causes three of four schemes to breach cost cap
The Government Actuary’s Department has published the cost cap valuations of four public sector schemes, confirming that the cost of implementing the McCloud remedy has led to a breach of the cost control mechanism, cancelling previously-agreed benefits increases.
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NewsDWP makes six further state pension errors since 2007
On the go: The Department for Work and Pensions has made a series of state pension errors, prior to the current large-scale correction exercise, according to a Freedom of Information request.
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NewsNHS workers make up a third of annual allowance breaches
On the go: At least 34 per cent of all people who exceeded the annual pension contribution allowance in 2019-20 were members of the NHS pension scheme.
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NewsGMP guidance ‘helpful’ but ‘could have gone further’ on conversion
The government’s supplementary guidance on guaranteed minimum pensions equalisation was broadly welcomed by the industry as it could save trustees “time and money”, but some have cautioned that the section on conversion will make little difference without legislation.
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NewsDorset Pension Fund hit by audit delays
On the go: The Dorset Pension Fund is still waiting to receive its audit report covering its 2020-21 period from Deloitte, in a delay that is hampering audit sign-offs in wider local government.
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NewsInvestors eye climate risk reporting omissions, CofE challenges VW
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including an investor coalition applying pressure on companies over their climate reporting, and the Church of England Pensions Board raising the heat on Volkswagen.
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NewsOverpayment woes at Teachers’ Pension Scheme continue
The Pensions Ombudsman has partially upheld two more complaints about overpayments to members of the Teachers’ Pension Scheme, the latest in a series of cases where the scheme and its administrators, Teachers’ Pensions, have faced accusations of maladministration.
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NewsFirefighters prepare fresh legal action against govt
Firefighter representatives and the Local Government Association have written jointly to the government raising the possibility of legal action if steps are not taken to compensate members affected by the remedy period resulting from the McCloud judgment.
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NewsHMRC to address GMP conversion tax issues ‘in the coming weeks’
The government has promised supplementary guidance on guaranteed minimum pensions conversion “in the coming weeks” and confirmed it is working on legislative changes, as the debate on the second reading of the pension schemes (conversion of GMPs) bill concludes in the House of Lords.
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NewsUSS trustee concerned by ‘misleading’ use of financial reports
On the go: The Universities Superannuation Scheme trustee has issued an update on scheme finances, and expressed its concern that previous use of monitoring statements by parties involved in the ongoing 2020 valuation dispute could be “misleading” members about the true state of the scheme.
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NewsGovt admits errors in almost 20,000 NHS GP pension records
Health minister Edward Argar told parliament in March that there were nearly 20,000 NHS GP pension records in error, prompting the British Medical Association to call for an end to the outsourcing of NHS pensions administration.